Responding to NVC: Is it a VC or a mad vote?

The aftermath of the NVC incident surprised entrepreneurs
On July 29th, there was still no clear news about the return of Wu Changjiang, the founder of NVC Lighting, to the board of directors. This also shows that the recent "forced palace" behavior has not been fruitless so far, but the division within the NVC department has begun to appear. Along with this, the game between entrepreneurs and investors is open and open in an extreme way. In addition to Wu Changjiang and NVC major shareholders, Softbank Safran Fund, there are many entrepreneurs and investment people. For a time, venture capital (Venture Capital, referred to as VC) played a deadly startup company, and the VC's fierce rhetoric "eat people do not spit bones" is rampant.

On the other hand, the idea that the VC is cheated and the entrepreneur does not understand gratitude is tit-for-tat. VC, how many startups are "mad" because of you? How should entrepreneurs deal with VCs? What kind of relationship can achieve a win-win situation?

Swirl: VCs "play dead" startups?

"Mr. Yu strongly opposed me to see the media, not letting me write Weibo. As a result, he went to see the media himself. He also wrote Weibo that devalued Chinese entrepreneurs. If I don’t say a few words, everyone will never know the event. The truth is true.” Wu Changjiang, founder of NVC Lighting, said on Weibo. Now, although the staff of NVC has resumed work, some people familiar with the matter told the media that Wu Changjiang will not return to NVC within five days. It seems that entrepreneurs and VCs are entangled with each other. It is possible to have an excellent lighting company, NVC. "Playing dead."

In fact, it is not uncommon to see a case of being killed by the wind. "The rapid development, the company that has seen the door to heaven will not exceed 1%, but it has almost occupied the eyes of everyone." Industry analyst Han Bing Bill analysis. The famous 8848 website, as a benchmark in the history of e-commerce in China, does not want to encounter the Internet bubble when it gets high financing and is only one step away from the market. Since then, investors have catered to the taste of Wall Street, focusing on "packaging" the B2B business that is popular in the United States, but weakening its local core business B2C, and finally split the 8848 into two. Today, whether it is Alibaba, Taobao, Jingdong, Dangdang, the days are not bad, and 8848 has become history.

According to media reports, because of the gambling agreement with investors, the Patriots may have up to 45% of the shares not belonging to the founder Feng Jun. The well-known mother-child e-commerce red child also failed to make a gambling agreement, the founder was kicked off, and the venture capital dropped airborne management, making the company a direct venture company.

"We found that some funds are particularly tossing entrepreneurs, often without words, and they are reluctant. This time, we don't nominate, but please don't come to us after asking these funds. People must have the temperament, and then toss the entrepreneurs, I will find them trouble. On July 24th, Zhang Ying, the founding managing partner of Jingwei China, who is also a venture capitalist, warned his peers on Weibo.

Arguing: Participation in operations is helpless?

"If an entrepreneur is swearing, if there is a big story, if there is no gratitude to the investor and the entrepreneurial partner, if you do not study how the company makes money and the mind is kidnapping the investor to burn the money, it is inevitable that the enterprise will be accidentally defeated." Why Chinese private enterprises do not do much, and they have a great relationship with the institutionalization and transparent management of enterprises.” In response to the NVC incident, investors in the vortex center issued multiple Weibo responses. There are both self-explanatory meanings and comments on domestic entrepreneurs and startups.

Han Bing Bill analysis believes that if both sides of the investment are defined as a rational person, from the perspective of VC, if it is not felt that the removal of the founder is relatively more favorable to the development of the enterprise, VC has any reason to do such high risk. operating? Is there any reason to abandon the more familiar capital operation, but to roll up the sleeves to participate in the daily operations that are not so detailed and suffer? He even said that if you can only give VC more than 100 times the return, how to control your character, reputation, or private life, VC will not control what you do, you can't go.

Jingdong CEO Liu Qiangdong, who once said that he is "investors who openly lie and violate professional ethics", also lamented that entrepreneurs often make three types of mistakes in dealing with capital: first, they deceive. Take the money of the shareholders and suck the money that belongs to the company into your own pocket. Secondly, I always feel that I am suffering. Some entrepreneurs feel that they are losing money in dealing with investors. The third is that the rules of investment are unknown.

Well-known investor and IDG Capital founding partner Xiong Xiaoge said frankly: In fact, we are all like VCs, standing on the roadside of entrepreneurship, applauding the entrepreneurial heroes passing by?

Analysis: The competition for "fish and water" is in balance
Although the contradiction between entrepreneurs and investors seems to be deteriorating, I believe that everyone will finally laugh at it. In the end, it is time to find someone who is serious about investing.

Indeed, Xiaomi Technology, which is valued at US$4 billion, relies on the help of VC. Today, its sales have exceeded 6.05 billion yuan, and the sales of stand-alone machines are staggering. And the country's largest mobile browser company UC Vision, multi-play network, Jingdong, Dangdang, etc., the days are also called moist. Even if successful Internet companies such as Sina, Tencent, and Baidu, VCs will be in the early days.

Analyst Huang Lin said that investors and founders are like husband and wife, and they all depend on how to operate. However, Xiong Xiaoge’s view is that investors are coaches and entrepreneurs are players. Li Na broke up with the coach after she won the French Open and eventually led to a decline in performance. Similarly, Liu Xiang’s coach can’t replace Liu Xiang’s entry, and he can’t compete.

E-business observer Lu Zhenwang also said that the relationship between VC and entrepreneurs is the relationship between fish and water. VC is to constantly add water to entrepreneurs, fish can grow up, water will become living water, and no one is a grandfather.

“The relationship between the startups and the VCs in the competition is nothing more than balance.” Han Bing said that most of the startups have not yet reached the point where they can despise all external help, so the development is to use internal resources. Exchange external resources in exchange for faster development and greater scale. However, speed and scale are traps in their own right, and are often used by older VCs. As for the gambling, it is a big killer that hurts both the body and hurts the feelings. Who knows who.

After a round of rushing, VC's exit path is no longer forced to be redeemed. On July 27th, Yi Kai Capital CEO Wang Wei revealed that for some VCs, the exit of M&A more than IPO will happen in the next 12~18 months. "For most e-commerce, M&A exits are much stronger than IPOs..." Liu Qiangdong commented.

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